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Firms backed by financial sponsors top November M&A activity.

Byline: G.F. Gay LeBreton, Chaffe and Associates

Financial sponsors stepped lively in November as they supported the growth efforts of their holdings in Louisiana.

Family office Dorilton Capital backed add-on acquisitions for both of its Louisiana investments, Versa Integrity Group and Midwest Cooling Tower Services.

Headquartered in Sulphur, Versa acquired the assets of Texas-based Maintenance & Turnaround Resources (MTR), which provides asset integrity management and non-destructive testing services to customers in the oil and gas industry in the western United States. MTR's assets and over 30 technicians will operate as Versa Integrity Group of Mountain West, Inc.

Dorilton's initial investment in Versa was through predecessor Owensby & Kritikos in 2011, with follow-on acquisitions of Savoy Technical Services and Rope Access Technology in 2012. Over the life of Dorilton's investment in Versa, the company has made seven disclosed acquisitions to support the company's growth and expansion efforts.

Krotz Springs-based Midwest Cooling Tower Services acquired certain assets of Cooling Tower Resources, a cooling tower parts distributor and fabricator with an international customer base. The acquisition includes real estate owned by a related party in Baytown, Texas. According to Midwest president Daniel Wiltz, the acquisition allows his company to enter the parts distribution business, which will in turn grow its existing maintenance services and rental cooling tower businesses.

Midwest, which received its initial investment from Dorilton in 2014, offers a range of maintenance services for cooling towers, as well as providing rental cooling tower units for replacement or augmented cooling capacity.

Also in November, Gonzales-based Vecta Environmental Services acquired Polaris Services, a privately-owned hydro-excavation company based in Texas. Polaris also adds daylighting, line location and slot trenching services to Vecta's full-range of industrial and environmental services to the chemical, industrial, utilities and oil & gas midstream industries. The acquisition expands Vecta's operating footprint to include New Mexico and Oklahoma, in addition to existing operations in Louisiana and Texas.

The acquisition of Polaris represents Vecta's first acquisition since itself being acquired by Austin, Texas-based Cotton Creek Capital just last month. Cotton Creek retained the existing executive team and provided them with significant equity as part of the acquisition.

One private equity firm also made a new investment in the state in November. San Francisco-based Thoma Bravo announced it had agreed to acquire Mandeville-based PEC Safety. PEC operates one of the largest contractor management networks in the world, helping both its clients and contractors manage risk, safety and compliance. The company also provides licensed proprietary safety learning content to more than 3,000 authorized instructors who conduct over 235,000 training sessions per year. As part of the agreement, PEC's management team and founders will retain a minority stake in the business.

G.F. Gay Le Breton is managing director for Chaffe & Associates Inc., responsible for merger and acquisition activities. Matt Meeks is assistant vice president for the firm.

Investment banking services are provided by Chaffe Securities Inc., member FINRA/SIPC.

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Publication:New Orleans CityBusiness
Geographic Code:1U7LA
Date:Dec 14, 2018
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